泸州老窖公告称，公司董事会提名益智、陈国祥为第十一届董事会独立董事候选人。被提名人已书面同 意参选，且已通过公司第十一届董事会提名委员会或独董专门会议资格审查。提名人表示，经全面了解 相关情况，认为被提名人符合独立董事任职资格及独立性要求，并郑重承诺所声明内容真实、准确、完 整，若被提名人任职期间出现不符情形，将及时报告并督促其辞职。 ...

Group 1: Market Performance - The consumer sector experienced a decline, with the Consumer ETF (159928) dropping by 0.49%, marking its third consecutive day of decline, and a trading volume exceeding 250 million yuan [1] - The Consumer ETF (159928) saw a net subscription of 26 million units during the day, with a net inflow of 107 million yuan yesterday, accumulating over 390 million yuan in the past 20 days [1] - As of December 2, the latest scale of the Consumer ETF (159928) exceeded 21.3 billion yuan, leading its peers significantly [1] Group 2: Policy and Support Measures - Hunan province introduced 11 measures to boost consumption, emphasizing increased financial support for key consumption areas such as trade circulation and life services [3] - Hainan province issued a child-rearing subsidy plan, providing annual subsidies of 3,600 yuan per child for eligible families starting from January 1, 2025 [3] Group 3: Valuation and Investment Outlook - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 19.89, which is at the 4.41% percentile over the past decade, indicating a high valuation attractiveness [5] - Seasonal trends suggest that Q4 often sees shifts in investment styles, with December being a period where low valuation stocks may gain favor [5] Group 4: Future Consumption Trends - According to Jiangyin International, consumer spending is expected to see a slight recovery in 2025, with moderate growth continuing into 2026, driven by structural changes in consumer demand [7] - The consumer confidence index is gradually improving but remains below the threshold, indicating cautious consumer sentiment [7] Group 5: Food and Beverage Sector Insights - Huachuang Securities anticipates that traditional leading companies in the food and beverage sector will improve their market share, while new industry trends are emerging [8] - The food and beverage industry is expected to stabilize after a period of supply-demand imbalance, with a focus on traditional products like beer and dairy [9] - The industry is witnessing a shift towards new demands and business models, with opportunities in functional foods and health products [9]

Core Insights - The Chinese liquor industry is undergoing a significant restructuring and bubble clearing as of late 2025, with prices of premium products like Moutai dropping below official guidance and high inventory levels leading to widespread losses among distributors [1][3][5] Price Collapse and Inventory Issues - The price system in the liquor industry is experiencing a comprehensive loosening, with Moutai's wholesale price falling below 1600 yuan and e-commerce platforms offering prices as low as 1299 yuan, representing a decline of over 50% from its peak in 2021 [3][5] - This "benchmark effect" has spread across the industry, with major brands like Wuliangye and Luzhou Laojiao also seeing significant price drops, leading to over 60% of liquor companies facing price inversions [5][7] - The industry is facing severe inventory issues, with turnover days reaching 900 days and a 300% increase in private inventory circulation, indicating a collapse of speculative buying expectations [5][7] Performance Data - The liquor industry reported its worst quarterly performance in nearly a decade in Q3 2025, with 20 listed companies in A-shares generating a total revenue of 3177.79 billion yuan (down 5.90% year-on-year) and a net profit of 1225.71 billion yuan (down 6.93% year-on-year) [7][9] - Over 80% of companies reported a decline in net profit, with Wuliangye's revenue plummeting by 52% and Yanghe's profit dropping by 158% [7] Changing Consumer Logic - The core issue facing the industry is the failure of traditional growth logic, as government and business consumption models have become ineffective due to strict regulations and economic downturns [9][11] - Younger consumers are increasingly rejecting the traditional liquor culture, leading to a significant decline in white liquor consumption at social events [9][11] - Consumer demand is shifting from a focus on social consumption to a balance of social and personal enjoyment, with new consumption scenarios like casual drinking and home consumption emerging as growth areas [11][12] Strategic Adjustments - Shanxi Fenjiu is one of the few companies maintaining growth, with a revenue increase of 5% in the first three quarters of 2025, attributed to its product advantages and market strategies [15][18] - The company plans to adopt a "dual-line" strategy focusing on traditional markets and expanding into younger and international markets, with new product lines aimed at attracting younger consumers [15][18] Industry Transformation - The liquor industry is transitioning from a focus on investment to a focus on quality, with a projected decline in consumption volume over the next decade [19][20] - Companies are expected to prioritize producing better quality liquor and adapting to changing consumer demands, with a notable increase in the storage of high-quality base liquor [20] - The industry is moving towards a new phase characterized by social drinking, personal enjoyment, and investment collection, necessitating higher standards for product innovation and brand management [19][20]

Core Insights - The retail prices of the top ten liquor products in the white liquor market have shown a slight increase, reaching a total price of 9198 yuan, which is the highest in the past week, indicating a consolidation phase after a series of rebounds [1] - There is a wide divergence in price movements among different liquor products, with some experiencing significant increases while others have seen declines [1] Price Movements - Gujing Gongjiu 20 saw a notable price rebound of 11 yuan per bottle [1][3] - Qinghua Lang experienced a price increase of 10 yuan per bottle, marking its fourth consecutive rise [1][3] - Yanghe Dream Blue M6+ rose by 7 yuan per bottle [1][3] - Shuijing Jian'nan Chun increased by 6 yuan per bottle, achieving three consecutive increases [1][3] - Qinghua Fen 20 had a minor increase of 2 yuan per bottle [1][3] - In contrast, Wuliangye Pu 58th generation and Xijiu Junpin both saw price declines, with Wuliangye dropping by 10 yuan per bottle [2][3]

Core Insights - The article highlights the recent trends in the Chinese liquor market, particularly focusing on the retail prices of major baijiu brands, which have shown slight increases and a mixed performance among different products [1][5][6]. Price Trends - The average retail price of the top ten baijiu products has slightly increased, with a total price of 9198 yuan for a bundled sale, marking a 1 yuan rise from the previous day, reaching the highest level in the past week [1][5]. - Notable price changes include: - Gujing Gong 20 saw a significant rebound of 11 yuan per bottle [6]. - Qinghua Lang increased by 10 yuan per bottle, continuing a strong upward trend for four consecutive days [6]. - Yanghe Dream Blue M6+ rose by 7 yuan per bottle, while Crystal Jian Nan Chun increased by 6 yuan per bottle, marking three consecutive increases [6]. - On the downside, Wuliangye Pu 58 and Xijiu Junpin both dropped by 10 yuan per bottle, with Guojiao 1573 decreasing by 9 yuan per bottle [6]. Market Dynamics - The white liquor consumption is shifting from a traditional model focused on business and government consumption to a new paradigm that includes both "pleasing others" and "self-pleasing" [2][6]. - The chairman of Shanxi Fenjiu Group emphasized the need for companies to adapt to changing consumer behaviors and market dynamics, indicating a long-term coexistence of traditional and modern consumption patterns [2][6]. - Fenjiu's 2026 strategy will focus on expanding market coverage and promoting sales while also targeting younger consumers and international markets as key growth areas [2][6].

Investment Focus - The report highlights a favorable market style for essential consumer goods in China, with several companies rated as "Outperform," including Guizhou Moutai, Wuliangye, and Yili [1]. Industry Overview - In November 2025, four out of eight tracked essential consumer sectors showed positive growth, including condiments, frozen foods, soft drinks, and dining, while four sectors, such as high-end and below-average baijiu, dairy products, and beer, experienced negative growth [3][8]. - The overall growth rate across all sectors has weakened compared to the previous month, attributed to macroeconomic conditions, structural industry conflicts, and seasonal factors [3][8]. Price Trends - In November, wholesale prices for most baijiu brands declined, with Guizhou Moutai's prices dropping by 110 to 90 yuan compared to the previous month [4][20]. - The average price for Wuliangye remained stable, while the market for high-end baijiu showed a decline in both volume and price [9][10]. Cost Analysis - The cost index for six categories of consumer goods mostly increased in November, with soft drinks and dairy products rising by 2.50% and 0.74%, respectively [4][48]. - The prices of raw materials such as paper and plastic have shown significant year-on-year changes, with paper prices increasing by 17.5% [4]. Fund Flow - As of the end of November, net inflows into Hong Kong Stock Connect reached 111.58 billion yuan, with the essential consumer sector's market capitalization share increasing by 0.32 percentage points [5]. Valuation Metrics - By the end of November, the PE historical percentile for A-share food and beverage was at 21%, with the beer sector at a low of 1% [5]. - The median valuation for leading A-share food and beverage companies remained stable at 22x, while H-share essential consumer sector PE historical percentile was at 24% [5]. Recommendations - The report suggests focusing on high-dividend stocks as a long-term strategy, particularly in the dairy sector, which is expected to recover first, and regional leaders in the baijiu market [6].

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2227.58 points, down 0.36%, with a trading volume of 18.448 billion yuan and a turnover rate of 0.74% [1] - Among the index constituents, 18 stocks rose while 31 stocks fell, with XCMG Machinery leading the gainers at 3.44% and Yanghe Brewery leading the decliners at 2.43% [1] Group 1: Index Performance - The Shenzhen State-Owned Enterprises Shareholder Return Index reported a decline of 0.36% on the trading day [1] - The total trading volume for the index was 18.448 billion yuan, indicating a relatively low turnover rate of 0.74% [1] Group 2: Stock Performance - The top-performing stock was XCMG Machinery, which increased by 3.44% [1] - The worst-performing stock was Yanghe Brewery, which decreased by 2.43% [1] - The index's top ten constituents included major companies such as BOE Technology Group, Hikvision, and Wuliangye, with varying weightings and market capitalizations [1] Group 3: Capital Flow - The index constituents experienced a net outflow of 769 million yuan from institutional investors, while retail investors saw a net inflow of 701 million yuan [3] - XCMG Machinery had a net inflow of 118 million yuan from institutional investors, despite overall negative trends in capital flow for many stocks [3] Group 4: Index Adjustments - Recent adjustments to the index included the addition of 10 new stocks and the removal of 10 existing stocks, reflecting changes in market dynamics [4] - Notable additions included companies from various sectors such as machinery, transportation, and food and beverage [4]

11月27日至29日，第二十届国窖1573全国新闻界网球大赛在四川泸州隆重举行。本届赛事由中华全国新 闻工作者协会与中国网球协会担任指导单位，中华全国新闻工作者协会国内部、泸州市人民政府、全国 新闻界网球联谊会共同主办，泸州市教育和体育局承办，泸州市体育赛事服务中心、泸州市网球运动协 会、泸州市融媒体中心协办，泸州老窖股份有限公司提供支持。 以球会友，展现媒体人竞技风采 泸州老窖集团(股份)公司党委书记、董事长刘淼在赛事欢迎晚宴上致辞 第二十届国窖1573全国新闻界网球大赛开幕仪式现场 泸州老窖集团(股份)公司党委书记、董事长刘淼在赛事欢迎晚宴上致辞时表示，本届大赛汇聚了全国新 闻界网球精英，既是对赛事传统的延续，也是对媒体人风采的集中展示，亦是中国白酒与体育精神、现 代生活对话的又一次生动实践。 开幕式上，大赛组委会执行主任万伯翱表示，第20届新闻大赛在秀美的泸州举办，离不开东道主和各参 赛队伍的支持，愿这项赛事继往开来、蒸蒸日上。 中华全国新闻工作者协会党组成员、书记处书记殷陆君希望大家以球会友、以文聚力，在泸州这片热土 上共同书写新闻界体育交流的新篇章。 大赛组委会执行主任万伯翱在赛事开幕式上致辞 中华 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][15]. Core Views - The food and beverage sector is expected to see a recovery in consumer demand as the year-end approaches, with a positive outlook for 2026 [3][10]. - The report highlights a differentiation in the performance of various sub-sectors, with beverages outperforming food and alcoholic beverages [2][10]. - Key investment opportunities are identified in leading companies within the sector, particularly those with strong growth potential and market positioning [3][10][15]. Summary by Relevant Sections 1. Sector Overview - The food and beverage sector has shown a slight increase of 0.03% this week, with A-shares remaining flat and H-shares up by 0.47% [1]. - The top performers in the sector include Hai Xin Food, Jia Long Co., and Yan Tang Dairy, with significant weekly gains [1]. 2. Sub-sector Analysis - **Alcoholic Beverages**: The report indicates that the liquor sector is in a bottoming phase, with premium brands like Moutai and Luzhou Laojiao expected to gain market share [2][10]. - **Beverages**: The beverage sector is experiencing stable demand recovery, with leading companies like Nongfu Spring and Dongpeng Beverage recommended for investment [2][14]. - **Food**: The snack segment is highlighted for its growth potential, particularly in konjac products, with companies like Wei Long and Yan Jin Pu Zi recommended [2][11]. 3. Investment Recommendations - The recommended investment portfolio includes Moutai, Baba Foods, Dongpeng Beverage, Wei Long, and Luzhou Laojiao, reflecting a diverse range of opportunities across the sector [3][15]. - The report emphasizes the importance of focusing on companies with strong fundamentals and growth trajectories, particularly in the context of changing consumer preferences and market dynamics [2][10][15]. 4. Earnings Forecasts - Earnings forecasts for key companies indicate a positive growth trajectory, with Moutai expected to achieve revenues of approximately 183.5 billion yuan by 2027, reflecting a compound annual growth rate [4][15]. - Other companies like Dongpeng Beverage and Baba Foods are also projected to see significant revenue growth, driven by market expansion and product innovation [15][17].

Market Overview - The liquor sector experienced a slight decline of 0.16% on December 1, with *ST Rock leading the drop [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Key stocks in the liquor sector showed mixed performance, with Kuaizi Liquor (603589) rising by 1.14% to close at 30.99, and *ST Rock (600696) falling by 2.85% to close at 4.78 [2][1] - Other notable performers included Yanghe Co. (002304) down 1.06% to 65.50 and Shanxi Fenjiu (600809) down 0.27% to 193.78 [2] Trading Volume and Value - The trading volume for Kuaizi Liquor was 33,400 hands with a transaction value of 1.03 billion yuan, while *ST Rock had a trading volume of 64,900 hands with a transaction value of 31.16 million yuan [2][1] - The overall liquor sector saw a net outflow of 969 million yuan from major funds, while retail investors contributed a net inflow of 160 million yuan [3] Fund Flow Analysis - Major funds showed significant outflows from key stocks such as Kweichow Moutai (600519) with a net outflow of 65.91 million yuan, while retail investors had a net inflow of 7039.03 million yuan into Wuliangye (000858) [3] - The fund flow dynamics indicate a shift in investor sentiment, with retail investors increasingly active in the market [3]